The US House on Thursday passed the CHOICE Act, reversing much of the overregulation of Dodd-Frank, including the Consumer Financial Protection Bureau (CFPB).
Democrats created the CFPB as an independent agency, accountable to no one – not even the president. A single, unelected bureaucrat was inappropriately given jurisdiction over regulating mortgages, credit cards, bank accounts, and consumer credit. An appellate court noted that, “…Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. That is not an overstatement.”
The CHOICE Act ends this frightening consolidation and abuse of bureaucratic power by limiting its role to enforcement of pre-existing consumer protection laws and providing oversight of the agency for Congress and the president. According to the American Action Forum, the CHOICE Act also “eliminates $10 billion in annual regulatory costs and saves 10.3 million hours of paperwork.”